Short answers, pulled from the story.
Paul McCartney and John Lennon recorded the session on the 28th of March 1974 at Burbank Studios in Los Angeles. This event occurred during Harry Nilsson's Pussy Cats album sessions while Lennon was producing that project.
The title originated from moments when John Lennon asked Stevie Wonder if he wanted to snort cocaine during the recording. Lennon stated You wanna snort Steve? A toot? It's goin' round which became the namesake for the audio document.
Paul McCartney played Ringo Starr's drums because Starr was recording with Harry Nilsson but not present at the studio. Starr later complained that McCartney always messes up his drums after witnessing the performance.
John Lennon appeared to be under the influence of cocaine and had trouble with his microphone and headphones during the session. The studio eventually changed the microphone levels on the recording itself rather than fixing the performers' headphones so most lead vocals could no longer be heard by the end.
This rare bootleg first appeared in 1992 on the Mistral label after remaining unknown for nearly two decades following the original 1974 session. More details emerged in May Pang's 1983 book Loving John and Paul McCartney referenced it in a 1997 interview with Sean Sennett.